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EQIX: AI demand is exciting, but the data-center math has to beat the capital bill

EQIXResearch reportPosted by Goglides ResearchMay 20, 2026
NASDAQEQIXCoverage BootstrapData Centers

Thesis summary

Equinix reported FY2025 revenue of $9.2 billion, operating cash flow of $3.9 billion and Q1 2026 revenue of $2.4 billion. The thesis depends on interconnection demand, data-center utilization, power availability, debt capacity and capital efficiency.

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Equinix reported FY2025 revenue of $9.2 billion, operating cash flow of $3.9 billion and Q1 2026 revenue of $2.4 billion. The thesis depends on interconnection demand, data-center utilization, power availability, debt capacity and capital efficiency.

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